The propulsion systems market is projected to grow from USD 244.68 Billion in 2016 to USD 337.78 Billion by 2021, at a CAGR of 6.66% during the forecast period, 2016 to 2021. The objective of this study is to analyze, define, describe, and forecast the propulsion systems market based on type, application, and region. The report also focuses on the competitive landscape of this market by profiling companies on the basis of their financial positions, product portfolios, growth strategies, core competencies, and market shares to anticipate degree of competition prevailing in the market. This report also tracks and analyzes growth strategies, such as partnerships, mergers & acquisitions (M&A), new product developments, and research & development (R&D) activities undertaken by the key players in the market. In this report on propulsion systems market, 2015 has been considered as the base year and forecast period taken into account is between 2016 and 2021.

The research methodology used to estimate and forecast the propulsion systems market included study of data and revenues of the key players in the market through secondary resources, such as annual reports, Yahoo Finance, Federal Aviation Admiration (FAA), International Civil Aviation Organization (ICAO), International Air Transport Association (IATA), and Stockholm International Peace Research Institute (SIPRI). Bottom-up procedure was employed to arrive at the overall size of the market from the revenue of the key players in this market. After arriving at the overall market size, the market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews of the key industry experts, such as CEOs, vice presidents, directors, and executives, among others. These data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at exact statistics for all segments and subsegments. Breakdown of profiles of primaries is depicted in the figure given below:

The ecosystem of the propulsion systems market comprises type and application. The propulsion systems value chain includes raw material manufacturers, such as Safran S.A. (France), Rolls-Royce Holdings plc. (U.K.), and General Electric Company (U.S.), among others. The key players operating in the propulsion systems market include United Technologies Corporation (U.S.), 3W International GmbH (Germany), Orbital ATK Inc. (U.S.), Aerojet Rocketdyne Holdings, Inc. (U.S.), and Honeywell International Inc. (U.S.), among others. Acquisitions and new product launches are the major strategies adopted by the key players operational in the propulsions systems market to strengthen their position in the market.

This report aims at helping manufacturers, suppliers, and distributors of propulsion systems, as well as manufacturers of sub-components to identify hot revenue pockets in the market.

Target Audience for this Report

Propulsion System Manufacturers

Original Equipment Manufacturers (OEMs)

Sub-Component Manufacturers

Technological Support Providers

Government and Certification Bodies

Aircraft Manufacturer Associations

Manufacturers of Unmanned Aerial Vehicles and Drones

“This study answers several questions for stakeholders, primarily, which market segments to focus on during the next two to five years to prioritize their efforts and investments in the propulsion systems market.”

Scope of the Report:

Propulsion Systems Market, By Type

Air-Breathing

Gas Turbines & Jet Engines

Ramjets & Scramjets

Internal Combustion

Non-Air Breathing

Solid Propulsion

Liquid Propulsion

Hybrid Propulsion

Electric Propulsion

Propulsion Systems Market, By Application

Missiles

Aircraft

Spacecraft

Unnamed Aerial Vehicles

Propulsion Systems Market, By Region

North America

Europe

Asia-Pacific

Middle East

Rest of the World

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The propulsion systems market is projected to grow from USD 244.68 Billion in 2016 to USD 337.78 Billion by 2021, at a CAGR of 6.66% between 2016 and 2021. Increase in the number of space expeditions, high efficiency offered by propulsion systems, technological advancements taking place in propulsion systems, and growing need for long-range missiles are some of the drivers, which are expected to propel the growth of the market across the globe. China, India, Brazil, Russia, and Turkey are the key countries that are expected to witness increased demand for propulsion systems during the forecast period.

Based on type, the market has been segmented into air-breathing engines, non-air breathing engines, and electric propulsion engines. The air-breathing engines segment is expected to lead the propulsion systems market in 2016. The growth of the air-breathing segment of the market can be attributed to increased use of air-breathing engines in aircraft and missiles to achieve high speed, less fuel consumption, and accuracy.

Based on application, the aircraft segment is projected to lead the propulsion systems market during the forecast period due to increasing air travel and growing need for global connectivity. Ever-increasing need for lightweight aircraft engines that offer high fuel efficiency and durability to withstand severe climatic conditions, provide optimum thrust output, and require less maintenance schedules with short turnaround time is expected to fuel the growth of the aircraft segment of the market. The unmanned aerial vehicles segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period due to increase in surveillance & security and search & rescue operations.

The North American region is estimated to account for the largest share of the propulsion systems market in 2016. Economic growth, expansion of the commercial & military aviation, and increase in the number of space expeditions are factors driving the growth of the North America propulsion systems market. Moreover, growth of the North America propulsion systems market can mainly be attributed to the rising number of military modernization programs, which emphasize on increased procurement of manned and unmanned aircraft, helicopters, and ground vehicles. The Asia-Pacific propulsion systems market is expected to grow at the highest CAGR during the forecast period, owing to increase in defense expenditures of India and China. Moreover, expansion of military command in the emerging nations has further accelerated demand for military transport aircraft, which, in turn, has fueled the demand of propulsion systems in the Asia-Pacific region.

The U.S. government has drastically reduced its defense spending, owing to economic slowdown being faced by the country. According to the U.S. Department of Defense, the country solely accounted for approximately USD 650 billion of the total defense spending in 2015. The European Union, which is also recovering from economic crisis, is mulling over trimming its defense budget. In addition, the life cycle of a propulsion system varies from 35-45 years, after which it needs to be upgraded. Key players usually prefer replacement of propulsion systems over their upgradation. As such, the market for propulsion systems remains stagnant for a long period of time, thereby restraining the growth of the propulsion systems market.

The propulsion systems market is a diversified and competitive market with a large number of players operating in it. Key players in the market are General Electric Company (U.S.), Safran S.A. (France), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), Honeywell International Inc. (U.S.), 3W International GmbH (Germany), Orbital ATK Inc. (U.S.), and Aerojet Rocketdyne Holdings, Inc. (U.S.), among others.

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